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Metabank investigation continues

Tuesday, February 19, 2008

Investigation is continuing into an allegation that a former employee at Meta Financial Group Inc bank subsidiary may have issued bogus certificates of deposit valued at about $3.8 million.

An independent accountant will examine the firm's records.

"The investigation is continuing and no assurance can be provided that additional fraudulent certificates will not come to light," the company told the Securities and Exchange Commission.

The bank said it has contacted law enforcement authorities and has put in place a bond that insures the bank for losses. Although the company is based in Storm Lake, a spokesperson for Storm Lake Public Safety said local police have no information on the case.

No suspect had been named at presstime.

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